India's overall exports grow by 17 % during first half of current fiscal

20-Dec-2018

India's overall exports grow by 17 % during first half of current fiscal

India's overall exports including merchandise and services have increased a positive growth of 17.01 per cent during April-September of 2018-19 as compared to the corresponding period of previous year, Minister of State for Commerce and Industry CR Chaudhary informed the Rajya Sabha.

"During April-September of 2017-18, India's total export value was pegged at US $ 226.08 billion, which increased to US $ 264.54 billion during April-September period of the current financial year," the Minister said.

"In order to boost India's exports, the Central Government has taken several measures through new Foreign Trade Policy (FTP) 2015-20 launched on April 1, 2015, its mid-term review released on December 5, 2017, and other policy measures taken from time to time," he added.

According to Chaudhary, FTP 2015-20 provides a framework for increasing exports of goods and services as well as the generation of employment and increasing value addition in the Country, in line with the Make in India, Digital India, Skill India, Start-up India and Ease of Doing Business initiatives.

"The policy provides the framework for promotion of exports through schemes of incentives on exports and duty remission or exemption on inputs for export production," added the Minister, saying that the policy had introduces two new schemes, namely, 'Merchandise Exports from India Scheme (MEIS)' for improving export of specified goods by merging five earlier schemes for better coherence and 'Services Exports from India Scheme (SEIS)' for increasing exports of notified services.